Saudi-India Business Network to strengthen ties.

India will launch a major organization called the “Saudi-India Business Network” (SIBN) here on Sept. 2 in an effort to gain a stronger foothold in the Kingdom’s growing economy and to boost commercial ties with the region as a whole.

“The formation of the SIBN would provide India with a new platform for engagement with Saudi businessmen,” said Sibi George, deputy chief of the Indian mission, while announcing the formation of this new body in Riyadh on Friday.

George said the SIBN will seek to “further promote trade and commerce, investment, business-to-business interactions and exchanges between India and Saudi Arabia.” The SIBN and its chapter in Dammam will be set up under the supervision of Indian Ambassador Hamid Ali Rao, he added.

India and Saudi Arabia stand to gain much economically from the SIBN, which will be composed of a large number of Saudi and Indian businessmen including industrialists and traders. This business organization will build on already flourishing Saudi-Indian ties, as the past decade saw impressive growth in bilateral relations, said George.

Indian companies have a better presence in the region than ever before, in industries such as food exports, building of infrastructure, IT and consulting. The SIBN is planned as a forum for the business community in Saudi Arabia to interact and share their experience and knowledge to further promote trade and economic relations.

“India-Saudi trade relations have also witnessed a steady and remarkable growth in the last few years,” said the diplomat. The embassy, George said, was looking forward to the participation of Saudi businessmen in the first meeting of SIBN on Sept. 2, and as such, requests all Saudi and Indian businessmen as well as business representatives to confirm participation at Embassy’s e-mail: com.riyadh@mea.gov.in; pol.riyadh@mea.gov.in or on fax number: 011- 4884189.
 
George said Saudi Arabia was India’s fourth largest trading partner and the bilateral trade stood at $43.19 billion last year.

“Saudi Arabia is also India’s largest supplier of crude oil, accounting for 19 percent of India’s oil requirements,” said the diplomat, adding that India today is the fifth largest market for Saudi exports accounting for 7.55 percent of the Kingdom’s global exports.

“On top of this, I would like to add that several Indian firms have collaboration with Saudi companies and are working in the Kingdom in diverse sectors like designing, consultancy, financial services, software development and construction,” he noted.

Several Saudi and Indian companies have also evinced keen interest to forge closer ties, and eventually endorse agreements for joint trade and investment in the two countries.

Source : arabnews.com